Papua New Guinean Kina in Eritrean Nakfa

PGK Papua New Guinean Kina

Country of application:
Papua New Guinea

Coin denominations in circulation:
5, 10, 20, 50 toe, 1 kina.

Denominations of banknotes in circulation:
2, 5, 10, 20, 50, 100 kina.

History reference:
The kina is the national currency of Papua New Guinea. In 1949, the Australian authorities united the two parts of the country, Australian pounds were introduced in the country, and in 1966, Australi...an dollars. After gaining independence in 1975 in New Guinea, the Australian currency became legal tender and the national currency, the kina, was introduced. The kina came into effect in April 1975 when it replaced the previous currency, the Australian dollar (AUD) as the countrys official currency. 1 kina is made up of 100 subunits called "toes". facilitating local trade.

ERN Eritrean Nakfa

Country of application:
Eritrea

Coin denominations in circulation:
1, 5, 10, 25, 50 cents, 1 nakfa.

Denominations of banknotes in circulation:
1, 5, 10, 20, 50, 100 nakfa.

History reference:
The Eritrean nakfa is the national currency and fiat money of the State of Eritrea, a state in East Africa. Nakfa was introduced in 1997 when it replaced the Ethiopian Birr after the War of Independe...nce. The country went through seven years of stabilization, reconstruction and development before the start of a new border war with Ethiopia in 1998. In mid-2018, a turning point took place in the external environment of Eritrea. Ethiopia signed a peace treaty with Eritrea in July 2018. Eritrea has begun to normalize relations with neighboring countries. In November 2018, the UN Security Council lifted sanctions on Eritrea. The current account surplus will remain high in 2020, driven by Eritrean remittances from abroad (12% of GDP) and mining exports (25% of GDP).